Company Profile: Singapore Economic Development Board (EDB)
Overview
The Singapore Economic Development Board (EDB) is a statutory agency under the Ministry of Trade and Industry in Singapore. It designs and implements strategies to establish Singapore as a global hub for business, innovation, and talent. EDB is instrumental in facilitating the setup, expansion, and success of international businesses in Singapore.
Mission and Objectives
EDB aims to create sustainable economic growth with vibrant businesses and generate good job opportunities for Singapore residents. This is achieved through investment promotion and industry development in manufacturing and internationally tradable services, contributing significantly to Singapore’s annual GDP.
Strategic Functions and Industry Development
EDB engages with Singapore’s business landscape to enhance operational efficiency and productivity. The agency promotes transformation across industries by fostering innovation and nurturing new businesses in Singapore. Collaborations with governmental bodies aim to improve Singapore's business environment, supported by a competitive workforce.
Investment Arm and International Reach
Through its investment arm, EDBI, EDB invests in high-growth sectors such as Information & Communication Technology, Emerging Technology, and Healthcare. Since 1991, EDBI has been a global investor helping companies expand across Asia and globally with the support of Singapore.
Recent Performance and Achievements
In 2023, EDB secured S$12.7 billion in Fixed Asset Investments, contributing to significant job creation and supporting Singapore's economic goals. The agency exceeded investment targets amid global uncertainties and committed an additional S$32 million for corporate venturing initiatives over two years.
Executive Leadership
- Mr. Png Cheong Boon: Chairman
- Ms. Jacqueline Poh: Managing Director
- Ms. Anna Chan: Executive Vice President
- Mr. Chan Ih-Ming: Executive Vice President, Digital Economy & Hub Services
- Mr. Choo Heng Tong: Executive Vice President
- Miss Cindy Koh: Executive Vice President
- Ms. Jillian Lim: Executive Vice President
- Notable Key Personnel:
- Dave Goh: Acting Vice President, Strategy
- Marcus Hee: Regional VP, Singapore Global Network
- Joel Ang: Acting VP, Environmental Sustainability
- Dalvir Singh: Regional VP (Europe)
- Victor Gan: Regional VP, Greater China
- Caryn Gill: Regional VP (South Asia)
- Dino Tan: SVP, Family Businesses
- Esther Tan: Assistant VP, Product Innovation
- Eleanor Ng: VP, HR & Organisation Development
Contact Information
- Address: 250 North Bridge Road, #28-00 Raffles City Tower, Singapore 179101
- Phone: +65 6832 6832
- Email: client_services@edb.gov.sg
- Website: [EDB Official Site](https://www.edb.gov.sg)
Competitor Profile: EDB's Competitive Landscape
Key Competitors
- Intellectual Property Office of Singapore (IPOS): Focuses on intellectual property management and innovation.
- Infocomm Media Development Authority (IMDA): Drives digital transformation in media and communications.
- IDA Ireland: Promotes foreign investment into Ireland.
- Action Community for Entrepreneurship (ACE): A significant player in Singapore's entrepreneurial ecosystem.
- Additional digital competitors based on web analytics such as Statista, b break.co.jp, and betterlegal.com.
Key Insights
- Employee Data: EDB has approximately 963 employees, reflecting a 1% growth, emphasizing workforce expansion.
- Strategic Focus Areas:
- Attracting Investments: EDB supports investors in manufacturing and services sectors.
- Industry Development: The agency expands existing verticals and fosters sustainable job creation.
- Business Environment: Collaborations enhance infrastructure and public services.
- Future Planning: EDB strategizes for competitive positioning and future challenges.
Marketing and Engagement
The EDB uses digital advertising technologies like Google Remarketing and LinkedIn Ads to strategically target investors and business entities.
Current Challenges and Opportunities
The EDB sees expansion in industry verticals as a critical opportunity, leveraging existing strengths and exploring new areas. Competitors like IDA Ireland and IMDA present both challenges and collaborative potential to reinforce Singapore’s economic standing.
This detailed report outlines EDB's framework, strategic role, and competitive position in fostering Singapore’s sustained economic development.
